January 8, 2021 | Market Update

Market News 1-8-2021

Mortgage Market Update

Homeowners Building More Equity

Good news for homeowners – property appreciation has surged to its highest level since 2014, enabling you to build more wealth. As of the third quarter of 2020, the average homeowner gained about $17,000 in equity year over year. The sharp rise in housing demand and record-low interest rates both helped to bolster homeowners’ equity. Many owners are leveraging their newfound increased equity to fund renovations and make updates to their property.1

When to Add a Kitchen Island

Kitchen islands add more storage and counter space and create a natural gathering spot in the heart of a home. If you plan to stay in your house for a while, it makes more sense to invest in a high-quality island with features like a built-in wine fridge or a sink, which can cost around $10,000. House flippers should consider whether an island will give them a better return on investment over other remodeling features. Most buyers expect homes with higher-end kitchens to include an island. Just be sure the space can comfortably accommodate the addition without feeling cramped or interrupting traffic flow.2

Outdoor Features Homebuyers Want in 2021

With more time spent at home, homeowners are looking for outdoor features that enhance their quality of life. Expect this year’s most sought-after trends to include front yards and porches that easily lend themselves to social distancing, outdoor views featuring green surroundings year-round, gardening spots, and indoor and outdoor spaces that seamlessly flow into one another.5

Sources: 1Realtor Magazine, 2MSN, 5Realtor Magazine